Toyota Motor Corp. has surpassed General Motors Co. as the top-selling car company in the United States, a shift fueled in part by a global computer-chip shortage that has wreaked havoc on the auto industry.
In 2021, the Japanese automaker, which has been working to establish its presence in the United States for decades, outsold GM by nearly 114,000 vehicles. Toyota reported Tuesday that overall U.S. sales of 2.3 million vehicles increased by roughly 10% from 2020.
GM, on the other hand, reported a roughly 13% drop in revenue for a total of 2.2 million vehicles delivered in 2021, as the semiconductor shortage wreaked havoc on the company’s manufacturing operations and left dealers with fewer vehicles to sell.
GM had been the No. 1 auto seller in the U.S. since 1931.
Toyota has reaped the benefits of stockpiling computer chips, which are utilised in a variety of car electronics. It gambled on a rebounding U.S. vehicle market sooner than most other automakers and slashed components and manufacturing orders less steeply than competitors, putting it in a better position for an eventual rise in consumer demand.
Toyota officials predicted that U.S. auto sales will increase to over 16.5 million units this year, helped by historically low borrowing rates, record stock market success, and increased savings rates.